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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC  20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from        to

Commission file number   0-23406

Southern Missouri Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

    

 

Missouri

43-1665523

(State or jurisdiction of incorporation)

(IRS employer id. no.)

 

 

2991 Oak Grove Road Poplar Bluff, MO

63901

(Address of principal executive offices)

(Zip code)

(573) 778-1800

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common

SMBC

NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12 b-2 of the Exchange Act)

Yes

No

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date:

Class

    

Outstanding at May 9, 2024

Common Stock, Par Value $.01

11,355,266 shares

SOUTHERN MISSOURI BANCORP, INC.

FORM 10-Q

INDEX

PART I.

    

Financial Information

    

PAGE NO.

Item 1.

Condensed Consolidated Financial Statements

3

-   Condensed Consolidated Balance Sheets

3

-   Condensed Consolidated Statements of Income

4

-   Condensed Consolidated Statements of Comprehensive Income

5

-   Condensed Consolidated Statements of Stockholders’ Equity

6

-   Condensed Consolidated Statements of Cash Flows

7

-   Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

40

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

57

Item 4.

Controls and Procedures

60

PART II.

OTHER INFORMATION

61

Item 1.

Legal Proceedings

61

Item 1a.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3.

Defaults upon Senior Securities

61

Item 4.

Mine Safety Disclosures

61

Item 5.

Other Information

61

Item 6.

Exhibits

62

-  Signature Page

64

PART I: Item 1:  Condensed Consolidated Financial Statements

SOUTHERN MISSOURI BANCORP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

MARCH 31, 2024 AND JUNE 30, 2023

    

March 31, 2024

    

June 30, 2023

    

(dollars in thousands)

 

(unaudited)

Assets

Cash and cash equivalents

$

168,273

$

53,979

Interest-bearing time deposits

 

490

 

1,242

Available for sale securities

 

433,689

 

417,554

Stock in FHLB of Des Moines

 

8,667

 

11,540

Stock in Federal Reserve Bank of St. Louis

 

9,067

 

9,061

Loans receivable, net of ACL of $51,336 and $47,820 at March 31, 2024 and June 30, 2023, respectively

 

3,719,858

 

3,571,078

Accrued interest receivable

 

21,807

 

18,871

Premises and equipment, net

 

95,801

 

92,397

Bank owned life insurance – cash surrender value

 

73,101

 

71,684

Goodwill

 

50,727

 

50,773

Other intangible assets, net

 

27,322

 

30,472

Prepaid expenses and other assets

 

38,190

 

31,560

Total assets

$

4,646,992

$

4,360,211

Liabilities and Stockholders' Equity

 

  

 

  

Deposits

$

3,995,510

$

3,725,540

Advances from FHLB

 

102,043

 

133,514

Accounts payable and other liabilities

 

34,747

 

27,271

Accrued interest payable

 

11,965

 

4,723

Subordinated debt

 

23,143

 

23,105

Total liabilities

 

4,167,408

 

3,914,153

Common stock, $.01 par value; 25,000,000 shares authorized; 11,959,157 and 11,919,087 shares issued at March 31, 2024 and June 30, 2023, respectively

 

120

 

119

Additional paid-in capital

 

219,591

 

218,260

Retained earnings

 

300,227

 

270,720

Treasury stock of 593,063 and 588,625 shares at March 31, 2024 and June 30, 2023, respectively, at cost

 

(21,303)

 

(21,116)

Accumulated other comprehensive loss

 

(19,051)

 

(21,925)

Total stockholders' equity

 

479,584

 

446,058

Total liabilities and stockholders' equity

$

4,646,992

$

4,360,211

See Notes to Condensed Consolidated Financial Statements

-3-

SOUTHERN MISSOURI BANCORP, INC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2024 AND 2023 (Unaudited)

Three months ended

 

Nine months ended

 

March 31, 

March 31, 

(dollars in thousands except per share data)

    

2024

    

2023

    

2024

    

2023

    

Interest Income

Loans

$

55,952

$

43,115

$

164,063

$

113,288

Investment securities

 

1,729

 

2,076

5,217

3,519

Mortgage-backed securities

 

3,757

 

1,652

10,614

3,654

Other interest-earning assets

 

2,587

 

1,443

3,813

1,672

Total interest income

 

64,025

 

48,286

183,707

122,133

Interest Expense

Deposits

 

28,021

 

13,705

74,032

28,061

Securities sold under agreements to repurchase

213

213

Advances from FHLB

 

1,060

 

206

3,978

2,300

Subordinated debt

 

435

 

395

1,309

1,033

Total interest expense

 

29,516

 

14,519

79,319

31,607

Net Interest Income

 

34,509

 

33,767

104,388

90,526

Provision for Credit Losses

 

900

 

10,072

2,700

16,266

Net Interest Income After Provision for Credit Losses

 

33,609

 

23,695

101,688

74,260

Noninterest Income

 

  

 

  

  

  

Deposit account charges and related fees

 

1,847

 

2,089

5,421

5,578

Bank card interchange income

 

1,301

 

1,374

3,974

3,471

Loan late charges

 

150

 

161

409

402

Loan servicing fees

 

267

 

265

783

834

Other loan fees

 

757

 

465

1,758

1,959

Net realized gains on sale of loans

 

99

 

132

616

550

Net realized losses on sale of AFS securities

 

(807)

 

(1,489)

Earnings on bank owned life insurance

 

483

 

368

1,413

1,006

Insurance brokerage commissions

312

349

886

899

Wealth management

866

463

2,329

1,241

Other income

 

309

 

618

977

1,314

Total noninterest income

 

5,584

 

6,284

17,077

17,254

Noninterest Expense

 

  

 

  

  

  

Compensation and benefits

 

13,750

 

14,188

39,360

33,733

Occupancy and equipment, net

 

3,623

 

3,024

10,615

7,914

Data processing expense

 

2,349

 

2,505

7,039

5,380

Telecommunications expense

 

464

 

449

1,460

1,127

Deposit insurance premiums

 

677

 

231

1,824

710

Legal and professional fees

 

412

 

2,324

1,215

3,587

Advertising

 

622

 

409

1,479

1,074

Postage and office supplies

 

344

 

331

929

779

Intangibles amortization

 

1,018

 

812

3,053

1,615

Foreclosed property expenses

 

60

 

280

96

275

Other operating expense

 

1,730

 

2,439

5,546

5,356

Total noninterest expense

 

25,049

 

26,992

72,616

61,550

Income Before Income Taxes

 

14,144

 

2,987

46,149

29,964

Income Taxes

 

2,837

 

578

9,497

6,288

Net Income

$

11,307

$

2,409

$

36,652

$

23,676

Basic earnings per share

$

1.00

$

0.22

$

3.23

$

2.42

Diluted earnings per share

$

0.99

$

0.22

$

3.22

$

2.41

Dividends paid

$

0.21

$

0.21

$

0.63

$

0.63

See Notes to Condensed Consolidated Financial Statements

-4-

SOUTHERN MISSOURI BANCORP, INC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2024 AND 2023 (Unaudited)

Three months ended

 

Nine months ended

 

March 31, 

March 31, 

(dollars in thousands)

    

2024

    

2023

2024

    

2023

    

Net Income

$

11,307

$

2,409

$

36,652

$

23,676

Other comprehensive income (loss):

 

  

 

  

Unrealized gains (losses) on securities available-for-sale

 

(1,130)

 

901

2,195

(756)

Less: reclassification adjustment for realized losses included in net income

(807)

(1,489)

Tax (expense) benefit

 

72

 

(198)

(810)

166

Total other comprehensive income (loss)

 

(251)

 

703

2,874

(590)

Comprehensive Income

$

11,056

$

3,112

$

39,526

$

23,086

See Notes to Condensed Consolidated Financial Statements

-5-

SOUTHERN MISSOURI BANCORP, INC

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE- AND NINE- MONTH PERIODS ENDED MARCH 31, 2024 AND 2023 (Unaudited)

For the three- and nine- month period ended March 31, 2024

 

 

Additional

 

Accumulated Other

Total

 

Common

 

Paid-In

 

Retained

 

Treasury

 

Comprehensive

 

Stockholders'

(dollars in thousands)

    

Stock

    

Capital

    

Earnings

    

Stock

    

Loss

    

Equity

BALANCE AS OF DECEMBER 31, 2023

$

119

$

218,675

$

291,304

$

(21,116)

$

(18,800)

$

470,182

Net Income

11,307

11,307

Change in unrealized loss on available for sale securities

(251)

(251)

Dividends paid on common stock ($.21 per share)

(2,384)

(2,384)

Stock option expense

84

84

Stock grant expense

657

657

Stock options exercised

175

175

Common stock issued

1

1

Treasury stock purchased

(187)

(187)

BALANCE AS OF MARCH 31, 2024

$

120

$

219,591

$

300,227

$

(21,303)

$

(19,051)

$

479,584

BALANCE AS OF JUNE 30, 2023

$

119

$

218,260

$

270,720

$

(21,116)

$

(21,925)

$

446,058

Net Income

 

 

 

36,652

 

 

 

36,652

Change in unrealized loss on available for sale securities

 

 

 

 

 

2,874

 

2,874

Dividends paid on common stock ($.63 per share)

 

 

 

(7,145)

 

 

 

(7,145)

Stock option expense

283

283

Stock grant expense

657

657

Stock options exercised

391

391

Common stock issued

1

1

Treasury stock purchased

(187)

(187)

BALANCE AS OF MARCH 31, 2024

$

120

$

219,591

$

300,227

$

(21,303)

$

(19,051)

$

479,584

For the three- and nine- month period ended March 31, 2023

 

 

Additional

 

Accumulated Other

Total

 

Common

 

Paid-In

 

Retained

 

Treasury

 

Comprehensive

 

Stockholders'

(dollars in thousands)

    

Stock

    

Capital

    

Earnings

    

Stock

    

Loss

    

Equity

BALANCE AS OF DECEMBER 31, 2022

$

98

$

119,271

$

257,506

$

(21,116)

$

(18,780)

$

336,979

Net Income

2,409

2,409

Change in unrealized loss on available for sale securities

703

703

Dividends paid on common stock ($.21 per share)

(2,376)

(2,376)

Stock option expense

68

68

Stock grant expense

584

584

Common stock issued

21

98,259

98,280

BALANCE AS OF MARCH 31, 2023

$

119

$

218,182

$

257,539

$

(21,116)

$

(18,077)

$

436,647

BALANCE AS OF JUNE 30, 2022

$

98

$

119,162

$

240,115

$

(21,116)

$

(17,487)

$

320,772

Net Income

 

 

23,676

23,676

Change in unrealized loss on available for sale securities

 

 

 

  

 

  

 

(590)

 

(590)

Dividends paid on common stock ($.63 per share)

 

 

 

(6,252)

 

  

 

  

 

(6,252)

Stock option expense

 

 

177

 

  

 

  

 

  

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